EX-10.2



 Exhibit 10.2 

Award Agreement for 

Restricted Stock Units under the Recro Pharma, Inc. 

Amended and Restated Equity Incentive Plan 

THIS AWARD AGREEMENT FOR RESTRICTED STOCK UNITS (this “Agreement”) is made by Recro Phama, Inc. (the
“Company”) to the participant named on the grant schedule attached hereto (the “Grantee”), dated as of the date set forth on the grant schedule attached hereto (the “Grant Date”). 

RECITALS 
 WHEREAS, the
Company desires to award Restricted Stock Units to the Grantee under the Recro Pharma, Inc. Amended and Restated Equity Incentive Plan, as amended (the “Plan”), pursuant to the terms of this Agreement. 

NOW, THEREFORE, in consideration of these premises and the agreements set forth herein, the parties, intending to be legally bound hereby,
agree as follows: 
 1. Grant Schedule. Certain terms of the grant of Restricted Stock Units are set forth on the grant schedule
(the “Grant Schedule”) that is attached to, and is a part of, this Agreement. 
 2. Grant of Restricted Stock
Units. As of the Grant Date, pursuant to the Plan, the Company hereby awards to the Grantee the number of Restricted Stock Units set forth on the Grant Schedule (the “Award”), subject to the restrictions and on the terms
and conditions set forth in this Agreement and the Plan. The terms of the Plan are hereby incorporated into this Agreement by this reference, as though fully set forth herein. Capitalized terms used but not defined herein, including the Grant
Schedule, will have the same meaning as defined in the Plan. 
 3. Grant Date. The Grant Date of the Restricted Stock Units is
set forth on the Grant Schedule. 
 4. Performance Target. To the extent that the Grant Schedule includes a performance-based target,
the Grant Schedule will specify the extent to which the Restricted Stock Units will be forfeited for failure to achieve the performance-based target. 

5. Vesting. Subject to the further provisions of this Agreement, the Restricted Stock Units will vest as set forth on the Grant
Schedule (each date on which Restricted Stock Units vest being referred to as a “Vesting Date”). 
 6.
Transferability. The Restricted Stock Units are not transferable or assignable otherwise than by will or by the laws of descent and distribution. Any attempt to transfer Restricted Stock Units, whether by transfer, pledge, hypothecation or
otherwise and whether voluntary or involuntary, by operation of law or otherwise, will not vest the transferee with any interest or right in or with respect to such Restricted Stock Units. 

7. Termination of Employment. In the event of the Grantee’s termination of service with the Company and its Affiliates that is a
“separation from service” within the 







 
meaning of section 409A of the Code and applicable Treasury Regulations issued under section 409A, all unvested Restricted Stock Units will vest or be forfeited according to the terms and
conditions of the Grant Schedule, unless the Grantee’s employment agreement provides for a result that is more favorable to the Grantee. To the extent compliance with the requirements of Treasury Regulation § 1.409A-3(i)(2) is necessary to
avoid the application of an additional tax under section 409A of the Code to the issuance of Shares to the Grantee, then any issuance of Shares to the Grantee that would otherwise be made during the six-month period beginning on the date of such
termination will be deferred and delivered to the Grantee immediately following the lapse of such six-month period. 
 8. Issuance of
Shares. 
 a. Unless otherwise set forth on the Grant Schedule, within thirty (30) days following each Vesting Date (including any
accelerated vesting date provided in the Grant Schedule or pursuant to the Grantee’s employment agreement), the Company shall issue to the Grantee, either by book-entry registration or issuance of a stock certificate or certificates, a number
of Shares equal to the number of Restricted Stock Units granted hereunder that have vested as of such date. Any Shares issued to the Grantee hereunder shall be fully paid and non-assessable. 

b. The Company may require as a condition of the issuance of Shares, pursuant to Section 8(a) hereof, that the Grantee remit to the
Company an amount sufficient in the opinion of the Company to satisfy any federal, state and other governmental tax withholding requirements related to the issuance of such shares. The Committee, in its sole discretion, may permit the Grantee to
satisfy such obligation by delivering shares of Common Stock or by directing the Company to withhold from delivery shares of Common Stock, in either case valued at their Fair Market Value on the applicable issuance date, with fractional shares being
settled in cash. 
 c. The Grantee will not be deemed for any purpose to be, or have rights as, a stockholder of the Company by virtue of
the grant of Restricted Stock Units, until shares of Common Stock are issued in settlement of such Restricted Stock Units pursuant to Section 8(a) hereof. Upon the issuance of a stock certificate or the making of an appropriate book entry on
the books of the transfer agent, the Grantee will have all of the rights of a stockholder. 
 d. With respect to any grant of Restricted
Stock Units that vests in whole or in part based on the Company’s achievement of financial or operating results, if it is determined by the Committee that gross negligence, intentional misconduct or fraud by Grantee caused or partially caused
the Company to restate all or a portion of its financial statements, the Committee shall, to the extent permitted by law, require repayment of Shares delivered pursuant to the vesting of the Restricted Stock Units, and/or effect the cancellation of
unvested Restricted Stock Units, if (i) the vesting of the Award was calculated based upon, or contingent on, the achievement of financial or operating results that were the subject of or affected by the restatement, and (ii) the extent of
vesting of the Award would have been less had the financial statements been correct. The required repayment or cancellation shall be such as will put the Grantee in the same position relative to vesting of the Award as the Grantee would have been in
had the financial statements been correct. 







 9. Securities Matters. The Company shall be under no obligation to effect the registration
pursuant to the Securities Act of 1933, as amended (the “1933 Act”) of any interests in the Plan or any Shares to be issued thereunder or to effect similar compliance under any state laws. The Company shall not be obligated to
cause to be issued any Shares, whether by means of stock certificates or appropriate book entries, unless and until the Company is advised by its counsel that the issuance of such Shares is in compliance with all applicable laws, regulations of
governmental authority and the requirements of any securities exchange on which Shares are traded. The Committee may require, as a condition of the issuance of Shares pursuant to the terms hereof, that the recipient of such Shares make such
covenants, agreements and representations, and that any certificates bear such legends and any book entries be subject to such electronic coding or stop order, as the Committee, in its sole discretion, deems necessary or desirable. The Grantee
specifically understands and agrees that the Shares, if and when issued, may be “restricted securities,” as that term is defined in Rule 144 under the 1933 Act and, accordingly, the Grantee may be required to hold the shares indefinitely
unless they are registered under the 1933 Act or an exemption from such registration is available. 
 10. Delays or
Omissions. No delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, will impair any such right, power or remedy of such party, nor will it be
construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor will any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character by the of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this
Agreement, must be in a writing signed by such party and will be effective only to the extent specifically set forth in such writing. 
 11.
Withholding. The Company reserves the right to withhold, in accordance with any applicable laws, from any consideration payable or property transferable to Grantee any taxes required to be withheld by federal, state or local law as a result
of the grant or vesting of this Award or other disposition of the Shares. 
 12. Right of Discharge Preserved. The grant of
Restricted Stock Units hereunder will not confer upon the Grantee any right to continue in service with the Company or any of its subsidiaries or Affiliates. 

13. The Plan. By accepting this Award, the Grantee acknowledges that the Grantee has received a copy of the Plan, has read the Plan and
is familiar with its terms, and accepts the Restricted Stock Units subject to all of the terms and provisions of the Plan, as amended from time to time. Pursuant to the Plan, the Board or its Committee is authorized to interpret the Plan and to
adopt rules and regulations not inconsistent with the Plan as it deems appropriate. By accepting this Award, the Grantee acknowledges and agrees to accept as binding, conclusive and final all decisions or interpretations of the Board or its
Committee upon any questions arising under the Plan. 







 14. Governing Law. This Agreement and all claims or causes of action (whether in
contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or
warranty made in or in connection with this Agreement or as an inducement to enter this Agreement) shall be governed by, and enforced in accordance with, the laws of the Commonwealth of Pennsylvania, without regard to the application of the
principles of conflicts of laws. 
 The Award is made by the Company as of the date stated in the introductory paragraph. 

 

			
	RECRO PHARMA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	









 [Performance-Vesting Grant Schedule] 

Grant Schedule 
  

			
	Grantee’s name:	  	[Grantee]
		
	Grant Date:	  	[Grant Date]
		
	 1.      Number of Restricted Stock Units granted:
	  	[                ]
		
	 2.      Target Number of Restricted Stock Units granted:
	  	[                ]
		
	 3.      Vesting Date:
	  	

 At the end of each performance period, any Restricted Stock Units that do not vest based upon the Company’s attainment of
the performance goal shall be forfeited with no further compensation due to the Grantee. 
 The determination of the attainment of the performance goal will
be made in the sole discretion of the Committee. The Committee has discretion with the consent of the Grantee to modify the definition of the performance goal (with the Board reserving the right to ratify, modify or reverse the Committee’s
decision), provided that the exercise of such discretion would not cause a Performance Award that would otherwise be deductible as “performance-based” compensation within the meaning of Section 162(m) of the Code to become
non-deductible.
 If a Change of Control occurs, any outstanding Restricted Stock Units that are then still subject to vesting conditions shall become
vested as of the date of such Change of Control, provided the Grantee remains an employee of the Company through such date. If the Grantee terminates employment with the Company by reason of the Grantee’s death or Disability, the Restricted
Stock Units will remain outstanding during the applicable performance period and will vest in full based on satisfaction of the applicable performance goal. 

Unless otherwise provided for above, if the Grantee’s employment with the Company and its Affiliates terminates or is terminated for any other reason,
any Restricted Stock Units that are then still subject to vesting conditions as of such date shall be immediately forfeited with no other compensation due to the Grantee. 

A number of Shares equal to the number of vested Restricted Stock Units shall be, to the extent that the applicable performance goal is satisfied, issued to
the Grantee, either by book-entry registration or issuance of a stock certificate or certificates, as soon as administratively practicable following the 







 
date that the Committee determines the extent to which such performance goal has been achieved but in no event later than 2 1⁄2 months following the end of the calendar year containing the applicable Vesting Date. Notwithstanding the foregoing, to the extent the Restricted Stock Units become vested as a result of Change of Control, a
number of Stock Award Shares equal to such units will be issued to the Grantee not later than thirty (30) days following the date of such Change of Control. 

Notwithstanding the foregoing, no Restricted Stock Units subject to this Agreement shall vest unless the Grantee has complied with all applicable provisions
of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). If the Restricted Stock Units subject to this Agreement would have vested pursuant to this Agreement but did not vest solely because the
Grantee was not in compliance with all applicable provisions of the HSR Act, the Vesting Date and the Share issuance date for such Restricted Stock Units shall occur on the first date following the date on which such Restricted Stock Units would
otherwise have vested pursuant to this Agreement on which the Grantee has complied with all applicable provisions of the HSR Act. 
  

			
	RECRO PHARMA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	DATED:	 	  



 In order to indicate your acceptance of the award of Restricted Stock Units subject to the restrictions and upon the
terms and conditions set forth above, in the Award Agreement and in the Plan, please execute and immediately return to the Company the enclosed duplicate original of this Grant Schedule and the Award Agreement. 

 

	
	ACCEPTED AND AGREED,
	Intending to be legally bound:
	
	  

	[NAME]
	
	Date








 [Time-Vesting Grant Schedule] 

Grant Schedule 
  

			
	Grantee’s name:	  	[Grantee]
		
	Grant Date:	  	[Grant Date]
		
	 1.      Number of Restricted Stock Units granted:
	  	[# of RSUs]
		
	 2.      Vesting Dates:
	  	

 If a Change of Control occurs, any outstanding Restricted Stock Units that are then still subject to vesting conditions shall
become vested as of the date of such Change of Control, provided the Grantee remains an employee of the Company through such date. If the Grantee terminates employment with the Company by reason of the Grantee’s death or Disability, any
outstanding Restricted Stock Units that are then still subject to vesting conditions shall become vested as of the date of such Change of Control termination of employment. 

Unless otherwise provided for above, if the Grantee’s employment with the Company and its Affiliates terminates or is terminated for any reason, any
Restricted Stock Units that are then still subject to vesting conditions as of such date shall be immediately forfeited with no other compensation due to the Grantee. 

Notwithstanding the foregoing, no Restricted Stock Units subject to this Agreement shall vest unless the Grantee has complied with all applicable provisions
of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). If the Restricted Stock Units subject to this Agreement would have vested pursuant to this Agreement but did not vest solely because the
Grantee was not in compliance with all applicable provisions of the HSR Act, the Vesting Date and the Share issuance date for such Restricted Stock Units shall occur on the first date following the date on which such Restricted Stock Units would
otherwise have vested pursuant to this Agreement on which the Grantee has complied with all applicable provisions of the HSR Act. 
  

			
	RECRO PHARMA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	DATED:	 	  










 In order to indicate your acceptance of the award of Restricted Stock Units subject to the restrictions and upon
the terms and conditions set forth above, in the Award Agreement and in the Plan, please execute and immediately return to the Company the enclosed duplicate original of this Grant Schedule and the Award Agreement. 

 

	
	ACCEPTED AND AGREED,
	Intending to be legally bound:
	
	  

	[NAME]
	
	Date